Prudential’s Q1 Earnings Drop On Lower Premiums, Investment Gains
Prudential Financial (NYSE:PRU) reported mixed quarterly results for the first quarter on Wednesday. The company reported revenues of $11.3 billion during the quarter, which beat consensus estimates of $11.2 billion but were short of the $11.8 billion reported a year ago. This year-over-year (y-o-y) decline is attributable to a 6% decline in premiums earned, lower policy charges and fee income as well as lower income from asset management services. Total realized investment gains, reported as an adjustment figure in the financial results, declined by 68% y-o-y from over $1 billion to $338 million in the first quarter.
The aforementioned factors resulted in the company’s pre-tax adjusted operating income declining by about 23% y-o-y to $997 million or $2.18 a share in Q1 2016, against analyst consensus estimates of $2.37 a share.
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